Tracking Chase Coleman’s Tiger Global Portfolio – Q1 2024 Update

This article is part of a series that provides an ongoing analysis of the changes made to Chase Coleman’s Tiger Global Management 13F stock portfolio on a quarterly basis. It is based on Tiger Global’s regulatory 13F Form filed on 5/15/2024. Please visit our Tracking Chase Coleman’s Tiger Global Portfolio series to get an idea of their investment philosophy and our last update for the fund’s moves in Q4 2023.

Chase Coleman’s 13F portfolio value increased from $14.1B to $18.3B this quarter. Recent 13F reports have shown 50+ positions. There are 29 stakes that are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five positions are Meta Platforms, Microsoft, Alphabet, Apollo Global, and Amazon.com. Together, they add up to ~54% of the entire 13F portfolio.

Prior to founding Tiger Global Management in 2001, Chase Coleman was the technology analyst at Tiger Management from 1997 to 2000, making him a bona fide “tiger cub”.

New Stakes:

Liberty Media Formula One (FWONK): FWONK is a very small 0.85% of the portfolio stake established this quarter.

Stake Disposals:

PDD Holdings (PDD): The very small 0.65% stake in PDD was dropped during the quarter.

Stake Increases:

Alphabet Inc. (GOOG)(GOOG:CA): GOOG is a large (top three) ~8.5% of the portfolio position purchased during Q2 2022 at prices between ~$106 and ~$144. Q1 2023 saw a ~125% stake increase at prices between ~$87 and ~$109 while the next quarter saw a ~55% selling at prices between ~$104 and ~$128. The position was increased by 40% during Q3 2023 at prices between ~$117 and ~$139. The last quarter saw a ~25% selling at prices between ~$123 and ~$143. The position was increased by 154% this quarter at prices between ~$133 and ~$155. The stock currently trades at ~$178.

Amazon.com Inc. (AMZN)(AMZN:CA): AMZN is now a top five 6.23% of the portfolio stake. The position was established in Q2 & Q3 2015 at prices between ~$19 and ~$27. Q1 2016 had seen a two-thirds reduction at prices between ~$24 and $34. The following quarter saw a ~40% increase at prices between ~$29 and ~$37. There was a ~38% selling in Q4 2018 at prices between ~$67 and $101. Q4 2019 and Q1 2020 saw another ~22% reduction at prices between ~$85 and ~$109. The three quarters through Q2 2022 had seen the stake sold down by ~75% at prices between ~$102 and ~$185. Q4 2022 saw the position rebuilt at prices between ~$82 and ~$121. Q2 2023 saw a ~62% reduction at prices between ~$98 and ~$130. There was a ~25% stake increase in the last quarter at prices between ~$120 and ~$154. The position was increased by 29% this quarter at prices between ~$145 and ~$180. The stock is now at ~$182.

Take-Two Interactive (TTWO): TTWO is a 4.58% position built during the four quarters through Q3 2023 at prices between ~$94 and ~$154 and it is now at ~$157. The position was increased by 9% this quarter at prices between ~$144 and ~$170.

Sea Limited (SE): The 4.40% position in SE was first purchased in Q2 2018 at prices between $10.25 and $16.50. The next few quarters also saw further buying. Q4 2019 saw a ~40% selling at prices between $26.70 and $40.25 while in the next six quarters there was a ~60% stake increase at prices between ~$91 and ~$358. There was a ~40% selling in Q2 2022 at prices between ~$57 and ~$133. That was followed with a ~63% reduction during Q4 2022 at prices between ~$41 and ~$65. The position was rebuilt during Q3 2023 at prices between ~$35 and ~$67. The last quarter saw a ~25% stake increase at prices between ~$35 and ~$47. The stock is now at ~$70. This quarter saw a ~5% further increase.

Corpay (CPAY): The 2.25% CPAY stake saw a two-thirds increase in the last quarter at prices between ~$222 and ~$283 and the stock currently trades at $263. There was a minor ~2% increase this quarter.

Grab Holdings (GRAB): The 1.15% GRAB position saw a ~120% stake increase during Q3 2023 at prices between $3.24 and $3.83. The position was increased by 30% this quarter at prices between $2.92 and $3.53. The stock currently trades at $3.65.

Procore Technologies (PCOR): The ~1% position in PCOR was increased by 46% this quarter at prices between $64.47 and $82.36. The stock currently trades at ~$69.

ZoomInfo Technologies (ZI): ZI is a ~1% of the portfolio position established during Q4 2022 at prices between ~$26 and ~$49. The position was increased by 62% this quarter at prices between $15.11 and $18.32. The stock currently trades below their purchase price ranges at $12.84.

Stake Decreases:

Workday Inc. (WDAY): WDAY is a 2.80% of the portfolio stake built in 2020 at prices between ~$114 and ~$258. H1 2022 saw a ~68% selling at prices between ~$137 and ~$264. There was a ~135% stake increase in the next quarter at prices between ~$138 and ~$180. The three quarters through Q2 2023 saw a ~37% selling at prices between ~$133 and ~$227. Q3 2023 saw a similar increase at prices between ~$211 and ~$252. There was a ~30% selling in the last quarter at prices between ~$205 and ~$279. The stock currently trades at ~$215. There was a ~5% trimming this quarter.

Lam Research (LRCX): LRCX is a 1.88% of the portfolio position established during Q2 2023 at prices between ~$491 and ~$651 and it now goes for ~$971. There was a ~8% stake increase in the next quarter and a similar increase last quarter. This quarter saw a ~12% trimming.

Uber Technologies (UBER)(UBER:CA): UBER is a small 1.27% of the portfolio position established during the two quarters through Q3 2023 at prices between ~$30 and ~$50 and it is now well above that range at $63.52. There was a ~40% selling in the last quarter at prices between ~$41 and ~$63. There was marginal trimming this quarter.

JD.com (JD): JD was a ~5M share position first purchased in Q4 2014 at prices between $23.50 and $27. The next two quarters saw the position built up to a huge ~70M share position (~25% of the 13F portfolio at the time) at prices between $24 and $38. H2 2018 also saw a ~42% increase at prices between $19.25 and $39.50. Q2 2022 saw a ~37% selling at prices between $48.70 and $66.50. That was followed with a ~27% reduction during Q4 2022 at prices between ~$37 and ~$60. Q3 2023 saw another ~50% selling at prices between ~$29 and ~$41. The stake was decreased by another 64% this quarter at prices between $20.84 and $27.36. The stock is now at ~$30 and the stake is at 0.47% of the portfolio.

Nu Holdings (NU): The small 1.20% NU stake saw a ~11% trimming this quarter.

Kept Steady:

Meta Platforms (META)(META:CA): META is currently the largest 13F position at ~20% of the portfolio. The stake was established in Q4 2016 at prices between $115 and $132. The buying continued through Q2 2019 at prices up to ~$200. Q4 2019 saw a ~25% selling at prices between $175 and $208. The three quarters through Q2 2021 had seen another ~42% selling at prices between ~$246 and ~$356. That was followed with a ~23% reduction in Q1 2022 at prices between ~$187 and ~$339. H2 2022 saw a stake doubling at prices between ~$89 and ~$183. That was followed by a ~15% stake increase during Q2 2023. The last quarter saw a ~16% selling at prices between ~$288 and ~$358. The stock currently trades at ~$480.

Note: Meta has seen a previous roundtrip in the portfolio. A pre-IPO investment of ~54M shares was sold out by Q4 2012. The trade generated over $1B in profits.

Microsoft Corporation (MSFT)(MSFT:CA): MSFT is currently the second largest position at 12.29% of the portfolio. It was established in Q4 2016 at prices between $57 and $63 and increased by ~400% in Q2 2017 at prices between $65 and $72. Q1 2018 also saw a ~38% stake increase at prices between $85 and $97. Q4 2019 saw a ~30% selling at prices between $135 and $159 while in Q1 2021 there was a ~15% stake increase at prices between ~$212 and ~$240. The three quarters through Q2 2022 saw a ~60% selling at prices between ~$242 and ~$343. The stock is now at ~$430. There was a ~13% increase during Q1 2023 and a ~8% increase during Q3 2023. The last quarter saw a ~13% trimming.

Apollo Global (APO): The large (top five) 7.55% APO stake was built during H1 2023 at prices between ~$57 and ~$77. The stock currently trades at ~$116.

Nvidia (NVDA)(NVDA:CA): The 4.78% NVDA stake was purchased during the last two quarters at prices between ~$262 and ~$494 and the stock currently trades at ~$1141. There was a ~13% trimming in the last quarter.

Eli Lilly & Company (LLY)(LLY:CA): LLY is a 3.78% of the portfolio position purchased in the two quarters through Q3 2023 at prices between ~$343 and ~$599 and the stock currently trades at ~$808. There was a minor ~3% trimming in the last quarter.

ServiceNow Inc. (NOW): NOW is a 2.42% of the portfolio position that saw a stake doubling in Q3 2020 at prices between ~$402 and ~$500. The two quarters through Q1 2021 had seen another ~45% stake increase at prices between ~$475 and ~$595. Q2 2022 saw a ~55% reduction at prices between ~$412 and ~$575. There was a similar increase during Q3 2022 at prices between ~$370 and ~$516. Q4 2022 saw a ~50% reduction at prices between ~$342 and ~$426. That was followed by a ~25% selling during Q2 2023 at prices between ~$431 and ~$574. The stock currently trades at ~$729.

Taiwan Semi (TSM): TSM is a 2.26% of the portfolio position established during Q1 2023 at prices between ~$74 and ~$98. There was a ~18% stake increase during Q2 2023 and another ~10% increase in the last quarter. The last quarter saw a ~50% further increase at prices between ~$85 and ~$105. The stock currently trades well above their purchase price ranges at ~$159.

CrowdStrike Holdings (CRWD): CRWD is now a 1.58% of the portfolio stake. A large stake was established in Q2 2020 at prices between ~$55 and ~$105. Q3 2020 saw a ~50% stake increase at prices between ~$97 and ~$144. There was another ~17% stake increase in Q1 2022 at prices between ~$157 and ~$227. The two quarters through Q3 2022 saw a ~90% reduction at prices between ~$137 and ~$240. The stock currently trades at ~$347.

Broadcom (AVGO)(AVGO:CA): AVGO is a 1.32% of the portfolio stake established in the last quarter at prices between ~$815 and ~$1147 and the stock currently trades well above that range at ~$1413.

Atlassian Corp plc (TEAM), DoorDash (DASH), DexCom Inc. (DXCM), Datadog Inc. (DDOG), Elastic (ESTC), and Novo Nordisk (NVO): These positions (less than ~1.75% of the portfolio each) were kept steady this quarter.

Note 1: They have significant ownership stakes in the following businesses: AltC Acquisition (ALCC), ATRenew (RERE), and ZKH Group (ZKH).

Note 2: In July 2018, it was reported that Tiger Global has taken a ~$1B stake in SoftBank (OTCPK:SFTBY). The stock was at ~$20 (split-adjusted) at the time and currently trades at $28.31.

Below is a spreadsheet that shows the changes to Chase Coleman’s Tiger Global Holdings 13F portfolio holdings as of Q1 2024:

Source: John Vincent. Data constructed from Tiger Global’s 13F filings for Q4 2023 and Q1 2024.

Editor’s Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.